☕️ ASX challenger gone

Good morning.

Cboe never made it to market as a true ASX competitor. Weeks after winning a listings licence, it’s now being sold off. The timing is brutal for Treasurer Jim Chalmers and ASIC, who had positioned Cboe’s licence as a lever for prosperity through market competition. That didn’t last long.

🏆 LOI Subscriber #TBD

Market movers

Shares in insurance broker network Steadfast fell sharply after chief executive Robert Kelly temporarily stepped aside amid an external investigation into a workplace complaint.

It dropped almost 10% after emerging from a trading halt, as it confirmed Kelly would remain on full pay during the probe while Australasian broking CEO Tim Mathieson steps in as acting chief executive.

The quick sync

• Macquarie stops trust and company loans as TikTok hacks push debt limits. (Capital Brief)

• CGI Glass Lewis urges a pay cut for Seven CEO Jeff Howard before this week’s AGM vote. (Capital Brief)

• Economists expect the RBA to hold rates this week after inflation ruled out a cut. (Capital Brief)

• James Hardie’s AGM bloodbath leads a volatile season of board spills, pay strikes and investor unrest across corporate Australia. (Capital Brief)

• Gresham House is courting super funds as it plans to invest in Australian grid batteries through a global fund. (Capital Brief)

Trading floor

M&A

• Hilco takes over Cue Clothing in a repeat of its Mosaic Brands strategy. (AFR)

• Qube exits $500m Strait Link sale race, with Morgan Stanley still in contention. (The Australian)

• Funds warn Chalmers’ block of Mayne takeover risks damaging market confidence. (AFR)

• GIC cools on Transgrid stake, with Future Fund emerging as possible buyer for ADIA’s share. (The Australian)

• ColCap buys 14% of Revolution to help expand its assets threefold. (AFR)

• Westpac’s RAMS sale stalls as bidders seek protection from future fines. (The Australian)

Capital Markets

• CGI Glass Lewis opposes Seven CEO Jeff Howard’s pay rise, calling it excessive amid the company’s poor performance. (Capital Brief)

• Westpac’s $6.9b profit faces pressure from tough lending competition and shrinking margins. (AFR)

• Potentia’s Andy Gray secures first fund close despite firm’s internal fallout. (AFR)

• Macquarie halts loans to trusts and companies amid TikTok advice on dodging lending limits. (Capital Brief)

• Saluda Medical to list on ASX at $700m valuation after raising $230m in IPO. (The Australian)

• Macquarie fined $5m for missing Delta’s alleged electricity market manipulation. (AFR)

• Fortitude seeks $200m for its first institutional private equity fund. (AFR)

• Future Fund tops $200b in returns, boosted by strong global markets and diversified investments. (Capital Brief)

• IFM lifts board pay 20% despite profit drop and market headwinds. (AFR)

• ASX directors warned of data leak from global Salesforce hack. (AFR)

• Home prices jump 1.1% in October, led by lower-end demand and tight supply. (Capital Brief)

• Trump’s meeting with Xi brought a short reprieve on trade and critical minerals, but no lasting fix. (Capital Brief)

• Private capital zombie firms will pile up in next decade, says EQT chief. (FT)

• Berkshire’s quarterly earnings rise after insurance results bounce back. (WSJ)

VC 

• None

People moves

• Alceon hires Keyview’s Justin Lal to lead its new special situations credit push. (AFR)

• Foxtel appoints new board under Dazn’s ownership, adding Stephen Conroy and Peter O’Connell. (AFR)

• Atlassian’s CFO departure adds to senior exits as AI focus and revenue outlook grow. (AFR)(Capital Brief)

The watercooler